Aegon today announces the appointment of Adrian Grace as Chief Executive Officer of Aegon UK. He will replace Otto Thoresen, who is leaving Aegon after six years as UK CEO. Mr. Thoresen will become Director General of the Association of British Insurers (ABI). Mr. Grace, whose appointment is subject to approval by the Financial Services Authority (FSA) will take up his new role as of April 1, 2011.
Adrian Grace is currently Chief Operating Officer of Aegon UK, a position he has held for the past twelve months. During that time, he has been responsible for developing and implementing the major business transformation plan for Aegon UK currently underway.
Aegon introduced a restructuring program in June 2010 aimed at reducing operating costs by 25% of the life and pensions business by end 2011 in order to improve the returns of the business. At the same time, efforts are aimed at refocusing the business on the two growth markets of At Retirement and Workplace Savings, in which Aegon already has strong positions.
Adrian Grace joined Aegon in February 2009. In his first year with Aegon, as Director of Group Development, he was responsible for delivering greater operational efficiency in Aegon’s sales force and in its owned adviser businesses Origen and Positive Solutions. Prior to joining Aegon, Mr. Grace held a variety of business development roles at GE Capital, during which he was based also in the United States and Far East. He also held managing director roles at Sage Group, HBoS and Barclays Insurance.
Aegon’s CEO Alex Wynaendts stated: “We are grateful to Otto Thoresen for his years of leadership and many contributions to Aegon UK throughout his long career. Adrian Grace is uniquely qualified to lead our organization in the UK forward given his extensive industry experience and the significant role he has played in repositioning our business over the past several months. Adrian is committed to deliver on the strategic priorities for Aegon UK which are aimed at achieving a new era of focused growth in the At Retirement and Workplace Savings markets.”
Adrian Grace said: “I am very pleased to have the opportunity to lead Aegon UK at such an important time for our business. I will continue with the strategy which the Aegon UK leadership team has introduced over the past twelve months. My aim will be to execute our plans well in order to achieve improved performance and leverage the strengths that benefit us as part of a global company. Aegon UK has the potential to be one of the winners in this market in the future and I’m looking forward to the challenges and opportunities ahead.”